MBK, a Tokyo Stock Exchange-listed merchant bank, has announced that Singapore-based enterprise BitOfProperty (BOP), operating out of Tallinn, Estonia, will assist with converting properties in the EU member state into blockchain-based tokens.
Tokenized assets are to be traded through the Estonian firm Angoo Fintech, which MBK acquired in May 2019.
BOP, a blockchain-based real estate crowd investment company, will be responsible for the acquisition of properties, according to the MBK’s announcement. Angoo Fintech will be responsible for tokenized property trading on its platform, originally set to open by the end of August. It has since suffered delays due to regulatory compliance issues.
BOP said currently, there are five properties traded on its system. Located in the capital city of Estonia, the properties yield between 5.3% – 6.59%.
This is not the first time that the Japanese merchant bank has made a deal in the cryptocurrency and blockchain sector. In 2017, MBK, in collaboration with Japanese exchange BtcBox, established MBK Asia as its Hong Kong-based virtual currency unit.
Founded in 2014, BtcBox has registered with the Kanto Finance Bureau.
BS Securities, a Hong Kong Stock Exchange-listed company, is another company working with MBK in the area of tokenized securities. The two parties are also providing support on business development in Japan and China.
Founded in 1947, MBK started its first business in the textile industry, before expanding into hotels, bowling alleys, and internet cafés in Japan. The firm’s primary focus is on Japan and China in terms of investment.
Source: www.coindesk.com
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